Theranos Used Shell Company To Secretly Buy Outside Lab Equipment, Says Report (arstechnica.com) 43
An anonymous reader quotes a report from Ars Technica: On Friday, the Wall Street Journal reported that the company "allegedly misled company directors" regarding its lab tests and used a shell company to buy commercial lab gear. These are just a few of the new revelations made by the Journal, which also include fake demonstrations for potential investors. The new information came from unsealed depositions by 22 former Theranos employees or members of its board of directors. They were deposed by Partner Fund Management LP, a hedge fund currently suing Theranos in Delaware state court. Theranos is also facing multiple lawsuits in federal court in California and Arizona, among others. The Journal, which did not publish the new filings, quoted former Theranos director Admiral Gary Roughead (Ret.), as saying that he was not aware that the company was using "extensive commercial analyzers" until it was reported in the press. The Journal described the filings as "some of the first substantive details to emerge from several court proceedings against the company, though they include only short excerpts from the depositions."
Re: It's a shame (Score:1)
She'll always have her beautiful voice.
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She'll always have her beautiful voice.
Nope, she traded that to Ursula for her legs.
Re: It's a shame (Score:1)
What about all those creepy old national security types who were on the board? Will anyone dig and find out what their deal was?
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What about all those creepy old national security types who were on the board? Will anyone dig and find out what their deal was?
Duh, with Kissinger on the Board everybody who pays attention knew it was an NWO front to collect DNA on the vast majority of Americans.
Now that it's actually proven that Theranos was nothing but a front sham company, we're waiting for all those who were defending it to come up with something else besides "massive scam populated with NWO types".
Give it a few more months and we'll f
Re: It's a shame (Score:2)
...and we'll find out that the CIA funded the thing.
If they had, we'd never have heard a thing.
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Don't forget the suicide of their chief scientist:
http://www.news.com.au/finance... [news.com.au]
The goal genuinely was to build an all-in-one diagnostic system within a couple of years. But each and every competitors system has been built from decades of research. To look as if they had something working, they just used their competitors products to provide results.
I thought women made better CEOs (Score:3, Funny)
I thought women made better CEOs: more honest, less greedy, less "old boy network."
Did the media lie to me?
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I thought women made better CEOs: more honest, less greedy, less "old boy network."
Did the media lie to me?
But WOMEN IN TECH!!! WOMEN IN TECH!!! WOMEN IN TECH!!!
We need a new mod label: Taboo (Score:2, Funny)
Modded -1 because it's much easier to suppress the question than to answer it.
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I think HP cast doubt on that hypothesis.
Re:I thought women made better CEOs (Score:4, Insightful)
When you put a woman in as your CEO because they're a woman, you're going to have a bad time.
The same goes for race, religion, sexual identity, whatever. Of course, this also includes straight, white, Christian males, though I suspect I've already offended certain people past the point of no return.
How about you hire the best person for the job?
How many Meg Whitmans, Elizabeth Holmeses, and Marissa Mayers are we going to see trotted out to kill companies for the sake of diversity?
The worst part is that we see all the awful female executives getting pats on the back, accolades, etc., but the ones that are competent like Carly Fiorina (compare her to her successor) or even great (Lisa Su) get almost no fucking recognition.
Remember when HP mattered? And Yahoo?
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Remember when HP mattered?
Yeah, but that was before someone "competent like Carly Fiorina" got her hands on it.
Put down the bong, and pick up a book. [amazon.com]
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It's relative. Fiorina didn't outright kill anything. Compare her to the outright con artists I mentioned that put companies into turbo death spirals.
Put down the books and look at the real world.
Re: I thought women made better CEOs (Score:1)
Fiorina didn't kill anything? She turned HP into a maker of commodity computers with razor thin margins... but HP does sell unbelievably overpriced inkjet printer ink, so I will give her that for $$$ making. It's not exactly the future though, is it?
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That was the time Microsoft was in their "UNIX is legacy, Windows NT is the future" mood (mid 1990's). At this time Silicon Valley was dominated by the UNIX workstation companies. One by one they dropped their version of UNIX and adopted Windows NT as Microsoft kept throwing FUD everywhere. Even HP caved in. Commercial UNIX Applications developers were only interested in supporting a couple of platforms. When Windows NT comes along, the vendor with the least market share gets kicked off. Ultimately, it beca
Re: I thought women made better CEOs (Score:1)
Sooo she founded the company...
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Women are better at fraud too! They just seem to not know when to cut and run....
How is Holmes not indicted yet? (Score:2)
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The Feds have been investigating her and her company for a long time and here are details of obvious illegal activity (fraud) discovered by a civil investigation during the course of an investor lawsuit.
Money buys innocence.
Re:How is Holmes not indicted yet? (Score:5, Interesting)
Let's see, how about all these other people (from Wikipedia):
former Secretary of State George Shultz, William Perry (former Secretary of Defense), Henry Kissinger (former Secretary of State), Sam Nunn (former U.S. Senator), Bill Frist (former U.S. Senator and heart-transplant surgeon), Gary Roughead (Admiral, USN, retired), James Mattis (General, USMC), Richard Kovacevich (former Wells Fargo Chairman and CEO) and Riley Bechtel (chairman of the board and former CEO at Bechtel Group). ...
The board included past presidents or board members of the American Association for Clinical Chemistry such as Susan A. Evans, William Foege, former director U.S. Centers for Disease Control and Prevention, David Helfet, director of the Orthopedic Trauma Service at the Hospital for Special Surgery and professors, Ann M. Gronowski, Larry J. Kricka, Jack Ladenson, Andy O. Miller and Steven Spitalnik.
Fabrizio Bonanni (former executive vice president of Amgen), Richard Kovacevich and William Foege, (former director of the Centers for Disease Control and Prevention), who would help to publicly introduce its technologies....
there were many people involved there, people with government ties. This con was beautifully done, all the way till the inevitable failure. It may be not so easy just to pin everything on Holmes. The best con men (and women) are those, who are true believers in their own con, I wonder if she was (is) a true believer, did she con everybody else or also herself?
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Why does this guy have such low karma? This post explains exactly why it's taking so long for any type of criminal charges.
I wonder if she was (is) a true believer, did she con everybody else or also herself?
I used to wonder that myself, but if they were in fact using fake demonstrations for potential investors, then she was part of the con.
Re:How is Holmes not indicted yet? (Score:5, Insightful)
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Anyone who didn't realize she was a fraud the second they noticed her wearing a black turtleneck in every single interview deserved to get fucked over.
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Don't shame women for having an appearance that does not conform to your opinions. The fact that a woman wears a black turtleneck does not mean that she is "asking" to be indicted.
Don't shame women for having friends of whom you do not approve. The fact that a woman hangs out with men like Henry Kissinger [gizmodo.com] does not mean that she is "asking" to be indicted.
Don't shame women for the things they do that you do not like. The fact that a woman runs an obvious confidence scam based on science fiction and the us
What a surprise... (Score:1)
I have no idea what it is with startup founders -- they all seem to be playing in the same swamp. I guess it's the corporate veil -- it's amazing how much power company owners have compared to individuals. It's pretty obvious that Theranos' technology was a complete fraud. Maybe it didn't start out that way, but somewhere along the way they must have realized that they can't reproduce the results that conventional equipment gave. It must have been much more pleasant to take investors' money and live large f
Theranos (Score:2)
Theranos used to be an editor here.
Thanos!? (Score:1)
It's Been Said, But... (Score:2)
What gets me is this is NOT a "Eureka!" moment like Uber or AirBnB or something.
This is not a combination of old idea + do it better + better marketing, like Facebook.
This is something that requires non-trivial technical invention in an area that is
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Note that my